Philippines Negotiates Iran for Safe Hormuz Oil Passage

ordered officials to negotiate with Iran for the safe passage of Philippine-bound oil tankers through the Strait of Hormuz, a critical waterway where 20 percent of the world's oil supply passes, following two canceled shipments for Petron Corp. The Philippines, which imports 98 percent of its crude oil from the Middle East, seeks to secure its energy supply amidst ongoing regional conflict and rising oil prices.

Foreign Secretary Theresa Lazaro will meet with Iranian Ambassador Yousef Esmaeil Zadeh to discuss the matter. This diplomatic effort follows similar arrangements Iran made with China, Russia, India, Iraq, Pakistan, Malaysia, Thailand, and Bangladesh, allowing their vessels to transit the strait.

Iran, which considers Japan and South Korea "non-hostile," demands international recognition of its authority over the strait and is considering imposing tolls on shipping. The Philippines is also diversifying its fuel sources, securing 1.042 million barrels of diesel for April delivery from Japan, Malaysia/Singapore, North Asia/India, and Oman/Singapore, with current stockpiles sufficient until May 16 or June 30, according to Energy Secretary Sharon Garin and President Marcos, respectively.